Withers targets major expansion in Asia and new US presence in five-year strategy

Legal Week: Withers has laid out a new five-year strategy, including ambitious targets for growth in Asia and plans to launch new offices on the west coast of the US. The top 30 UK law firm outlined the new strategy at its global partner conference in London last month, with the plans including a target to grow its Asia footprint to the same size as its US presence.

Full story: http://www.legalweek.com/legal-week/news/2170715/withers-targets-major-expansion-asia-presence-strategy?WT.tsrc=Email&WT.mc_id=694&utm_source=Newsletters&utm_medium=Email&utm_campaign=LW_Daily

Daily penalties for late online tax returns begin on 1 May

Tax Journal:  Taxpayers who have not filed their 2010/11 tax return online by 30 April will face new daily penalties from 1 May, in addition to the fixed £100 penalty.

Full story: http://www.taxjournal.com/tj/articles/daily-penalties-late-online-tax-returns-begin-1-may-45071

Penningtons reports bumper turnover growth after mergers

The Lawyer: South-East firm Penningtons has announced a revenue increase of 35 per cent for the 2011-12 financial year on the back of its double merger with Dawsons and Wedlake Saint.

Full story: http://www.thelawyer.com/penningtons-reports-bumper-turnover-growth-after-mergers/1012304.article

Simplicity must be a priority, orders Osborne

Taxation: A simpler tax system and improved online services must be among HMRC's priorities over the next 12 months, according to Chancellor George Osborne.  In a letter to the Revenue's new chief executive, Lin Homer, Mr Osborne lays out what he expects from the department in the 2012/13 financial year.

Full story: http://www.taxation.co.uk/taxation/Articles/2012/04/24/38461/tax-simplicity-must-be-priority-orders-osborne

Unbiased highlights £1.3bn IHT overpayment

Accountancy Live: Chronic tax inefficiency is resulting in the taxman being gifted £13.5bn, according to new findings. In the latest Tax Action Report by unbiased.co.uk, which gives a top level view of UK tax wastage but also delves in to specific area of tax such as tax credits, ISAs, inheritance tax and self assessment. It also explores how much tax people could have avoided paying by using better tax planning.

Full story: http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2135183&BV_SessionID=@@@@1612223068.1335262900@@@@&BV_EngineID=ccccadfgiffhgedcflgceggdfnfdgfh.0&channelId=-601049

Stay connected: Taxman hits Fergie and Sven in film investment case

CityWire: Manchester United manager Alex Ferguson and former England boss Sven Goran Eriksson have been hit by a HM Revenue & Customs (HMRC) tribunal victory that will deny wealthy investors £117 million in tax relief.

Full story: http://citywire.co.uk/wealth-manager/taxman-hits-fergie-and-sven-in-film-investment-case/a584222?ref=wealth-manager-latest-news-list

Europe's wealthy families move their fortunes East

The Telegraph: Family offices are heading to Asia to escape a crackdown on offshore centres in Europe.

Full story: http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9211057/Europes-wealthy-families-move-their-fortunes-East.html

CIOT’s Anthony Thomas critical of tax system

Accountancy Age: The UK tax system is "dysfunctional" and "creaking at the seams" says CIOT head Anthony Thomas in a speech to members in Cambridge.

Full story: http://www.accountancyage.com/aa/news/2168161/ciot-s-anthony-thomas-critical-tax

Half a million wealthy Brits eye UK exit

City A.M.: A growing number of wealthy Britons are weighing up a move abroad, with a possible exodus of more than half a million people over the next two years. Nearly one in five well-off Brits (19 per cent) are considering emigrating, sharply up from 14 per cent one year ago.

Full story: http://www.cityam.com/latest-news/half-million-wealthy-brits-eye-uk-exit

Treasury figures highlight scale of tax avoidance

Accountancy Age: The Treasury has released figures showing the scale of tax avoidance among Britain's wealthiest. The figures show that almost 1,000 UK taxpayers earning more than £1m a year have a tax rate of less than 30% of their income.

Full story: http://www.accountancyage.com/aa/news/2167860/treasury-figures-highlight-scale-tax-avoidance

Government to consult on plan to cap charity tax relief

BBC News: Downing Street has said the government will launch a formal consultation in the summer over plans to limit the tax relief on charitable donations.

Full story: http://www.bbc.co.uk/news/uk-politics-17724415

Clegg happy to publish tax returns but coalition colleagues warn move could fuel 'envy'

This is Money: All MPs should be forced to publish their tax returns, Nick Clegg said yesterday, despite Tory warnings that the move would fuel the politics of ‘envy’.

Full story: http://www.thisismoney.co.uk/money/news/article-2128605/Clegg-happy-publish-tax-returns-coalition-colleagues-warn-fuel-envy.html?ito=feeds-newsxml

David Holtze appointed E&Y’s global tax leader

Accountancy Age: Ernst & Young have appointed David Holtze as its global vice chair of tax. He will also become a member or E&Y's global executive, the organisation's highest management body, with both appointments immediately taking effect.

Full story: http://www.accountancyage.com/aa/news/2166813/david-holtze-appointed-y-s-global-tax-leader

Cautious welcome for non-dom investment law

Private Client Adviser: Wealthy non-doms will cautiously welcome new legislation allowing individuals domiciled outside of the UK to make unlimited investments into commercial businesses without incurring income or capital gains tax liabilities on the funds used for the purpose, according to law firm Boodle Hatfield.

Full story: http://www.privateclientadviser.co.uk/news/tax/cautious-welcome-non-dom-investment-law

Deutsche Bank PWM hires HSBC high net worth boss

Citywire: Deutsche Bank Private Wealth Management has expanded its ultra-high net worth (UHNW) team after poaching two senior bankers from HSBC Private Bank.

Full story: http://citywire.co.uk/wealth-manager/deutsche-bank-pwm-hires-hsbc-high-net-worth-boss/a581642?ref=wealth-manager-latest-news-list

Millionaire tax avoiders 'shock' chancellor

BBC News: The chancellor has said he is "shocked" that some of the UK's richest people have organised their finances so that they pay virtually no income tax.

Full story: http://www.bbc.co.uk/news/uk-politics-17661011